Spotify (NASDAQ:SPOT) Downgraded by UBS Group

Spotify (NASDAQ:SPOT) was downgraded by equities researchers at UBS Group from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, The Fly reports. They presently have a $150.00 price target on the stock, down from their previous price target of $155.00. UBS Group’s price objective would suggest a potential downside of 3.61% from the company’s previous close.

A number of other equities analysts have also recently issued reports on SPOT. Nomura raised their target price on shares of Spotify from $188.00 to $190.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. Evercore ISI cut shares of Spotify from an “in-line” rating to an “underperform” rating and set a $110.00 target price on the stock. in a report on Monday, June 24th. Stifel Nicolaus reissued a “buy” rating and issued a $170.00 target price on shares of Spotify in a report on Friday, April 26th. Pivotal Research reissued a “hold” rating and issued a $150.00 target price (down previously from $155.00) on shares of Spotify in a report on Wednesday. Finally, Zacks Investment Research raised shares of Spotify from a “hold” rating to a “buy” rating and set a $171.00 target price on the stock in a report on Friday, July 26th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $172.26.

Shares of SPOT stock opened at $155.61 on Wednesday. Spotify has a one year low of $103.29 and a one year high of $196.95. The stock’s 50-day moving average is $148.34.

Spotify (NASDAQ:SPOT) last issued its quarterly earnings results on Wednesday, July 31st. The company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.04. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same period in the previous year, the business posted ($2.20) EPS. The business’s revenue for the quarter was up 31.0% on a year-over-year basis.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in shares of Spotify by 6.7% during the second quarter. Envestnet Asset Management Inc. now owns 4,187 shares of the company’s stock valued at $612,000 after buying an additional 264 shares during the last quarter. Stephens Investment Management Group LLC raised its holdings in shares of Spotify by 7.4% during the second quarter. Stephens Investment Management Group LLC now owns 30,241 shares of the company’s stock valued at $4,422,000 after buying an additional 2,084 shares during the last quarter. Stephens Inc. AR raised its holdings in shares of Spotify by 8.3% during the second quarter. Stephens Inc. AR now owns 2,953 shares of the company’s stock valued at $432,000 after buying an additional 227 shares during the last quarter. Ardevora Asset Management LLP raised its holdings in shares of Spotify by 22.8% during the second quarter. Ardevora Asset Management LLP now owns 248,900 shares of the company’s stock valued at $36,394,000 after buying an additional 46,200 shares during the last quarter. Finally, Chesapeake Wealth Management bought a new stake in shares of Spotify during the second quarter valued at approximately $400,000.

Spotify Company Profile

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

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